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Investment banker Staley to become Barclays boss: reports

Tue, Oct 13, 2015 - 11:52 PM

[LONDON] Troubled British bank Barclays is set to announce former JP Morgan banker James Staley as its new chief executive, indicating a renewed focus on its investment division, British press reports said Tuesday.

Barclays' board has approved the 58-year-old American's appointment and a formal announcement will be made in the next two weeks, according to media outlets including the BBC and the Financial Times.

However, the bank later issued a statement saying that the process of appointing a new chief "has not yet concluded and Barclays will provide a further update once that is complete." Staley, also known as Jes, is the former chief executive of JP Morgan's Investment Bank and currently works for US hedge fund Blue Mountain Capital Management.

The bank's shares had fallen 2.2 per cent by Tuesday afternoon as the reports emerged.